We are experts in the Philadelphia retail space market, with a team of seasoned and knowledgeable real estate advisors ready to help you achieve your real estate goals. At Wolf Commercial Real Estate, we go well beyond simply handling property transactions. As an unparalleled Philadelphia commercial real estate broker, we are a strategic partner whose number-one priority is our client’s long-term growth and success in the Philadelphia retail space market.

Retail businesses looking to buy or lease retail space in Philly can be assured that the professionals at our Philadelphia commercial real estate brokerage firm have the expertise to help you find the Philly retail space that best suits your needs. At Wolf Commercial Real Estate, we make certain that the sale or lease terms for your new Philadelphia retail space work to advance your commercial real estate goals. We’re the Philadelphia commercial real estate broker that is with you from the beginning of the transaction to the end, making the transition to your new retail space in Philly smooth and seamless.

Do You Own Philly Retail Space?

Retail property owners looking to sell or lease retail space in Philadelphia will appreciate the defined marketing strategy that the team at our Philadelphia commercial real estate brokerage firm creates and customizes for each property and sub-market. This process works to effectively and efficiently match buyers and tenants with retail space in Philly.

Retail space in Philadelphia is aggressively priced, and market trends show that the retail business in the region is poised for a massive rebound. For more information, please contact the team at Wolf Commercial Real Estate, a leading Philadelphia commercial real estate brokerage firm.

WCRE is proud to have exclusively represented THIRD FEDERAL S L ASSOCIATIONd/b/a BB&T Bank in the sale of 2601 Orthodox Street, Philadelphia, Pennsylvania to a private investor, James Mayberry.

2601 Orthodox Street is a +/- 3,456 square foot free standing property situated on +/- 0.05 acres. This well located building is a corner property in the Bridesburg neighborhood of Northeast Philadelphia with easy access to I-95 and Route 90.

Mitch Russell, Sales Associate, of WCRE exclusively represented BB&T Bank in this transaction and was the sole broker involved.

Leonard Comma, Chief Executive of Jack in the Box, is investing as much as $45 million over the next three years on digital menu boards and canopies to make the fast-food chain’s drive-thru lane experience faster and more personal.

Quick-service purveyors across the nation, such as Starbucks Corp. and Dunkin’ Brands Group Inc. are also changing how they view their real estate by collectively spending tens of millions of dollars to let people eat in their cars as customers increasingly demand speed and convenience.

This Co-Star Research report involving national and Philly retail space is being made through Philadelphia commercial real estate broker Wolf Commercial Real Estate, a Philadelphia commercial real estate brokerage firm.

Comma said drive-thru lanes produce more than 70 percent of sales for the San Diego-based Jack in the Box’s sales, emphasizing “they represent a sizable sales opportunity.”

Modern drive-thru technology has been around since the 1940s and has never been more popular. The movement hit its stride in California in the 1950s, according to the National Museum of American History, which noted that by the 1970s “major fast-food franchises nationwide began to install drive-thru windows.”

Most fast-food chains, according to trade publication QSR Magazine, report about 70 percent of their sales happen at a drive-thru window, saying “the outdoor lane is just as important today to quick-service business as ever before – if not more so.”

Starbucks, which said in its Nov. 1 earnings call that it plans to build 600 new locations across North America in 2019, adding to its roster U.S. and Philly retail space listings, is expanding a push it began last summer to equip about 80 percent of all new stores with a drive-thru lane. Many of those won’t have interior seating, resulting in a much smaller store footprint.

Drive-thru, out-the-window and mobile-order-and-pay combined accounted for more than 50 percent of all orders in the U.S. commercial real estate market, including Philly retail space, in the past three months, up more than 10 percentage points in two years, Starbucks Chief Financial Officer Rosalind Brewer said.

“Last quarter, our stores with drive-thru well outperformed our café comp,” Brewer said. “This format will be a continued focus into 2019.”

Last summer, Seattle-based Starbucks said sales were 25 percent to 30 percent higher at stores with drive-thru lanes. Competitor Dunkin’ Brands Group, based in Canton, Massachusetts, said the drive-thru restaurants among its national and Philly retail space listings boast 40 percent higher sales volume.

As experts in Philadelphia commercial real estate listings and services, the team at our Philadelphia commercial real estate brokerage firm provides ongoing detailed information about Philadelphia commercial properties to our clients and prospects to help them achieve their real estate goals. If you are looking for Philly retail space for sale or lease, Wolf Commercial Real Estate is the Philadelphia commercial real estate broker you need — a strategic partner who is fully invested in your long-term growth and success.

Please visit our websites for a full listing of South Jersey and Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Is Philadelphia’s proposed one percent tax on new construction a good compromise or a fools bargain? The Philadelphia City Council announced new legislation on April 11, 2018, that includes a new one percent tax on new construction that would raise revenue for the Housing Trust Fund, the city’s dedicated source for developing new affordable housing, preserving existing housing and preventing homelessness.

WHAT IS THE TAX/IMPACT FEE?

Proposed Bill No. 180351 would impose a new Construction Impact Tax/Impact Fee on all projects that are eligible for the city’s 10-year tax abatement. The funds raised from the tax are intended to help the Housing Trust Fund provide funding for more affordable and workforce housing development, which would be available to both nonprofit and for profit developers.

HOW MUCH IS THE TAX?

The tax/impact fee is 1 percent of the stated cost of construction, including repairs, construction, additions and alterations of the building and is paid when the applying for a building permit. (Note that there is some discussion to change the time when payment would be due from the building permit application to the time a zoning permit is filed.) While a one percent tax on new construction may not sound like a lot, consider the tax on a $1 billion new technology center, a $300 million new multifamily high rise or a new $800 million stadium. In each instance, the tax for these projects would be $10 million, $3
million and $8 million, respectively.

ARE CERTAIN TYPES OF BUILDING EXEMPT?

As currently drafted, all buildings that are “for human occupancy” and that are eligible for the 10-year tax abatement would be subject to the tax/impact fee. These buildings would include not only residential structures, but commercial and industrial structures as well. Rather than single out one particular kind of developer (i.e., multifamily developers), the proposed tax would apply to any project that qualifies for a 10-year tax abatement in Philadelphia.

COALITION BUILDING

There appears to have been more compromise than usual between the trades, the Building Industry Association, City Council members, members of the development community and other civic-minded individuals as the merits and concerns over the 10-year tax abatement were debated, as was the Mixed Income Housing Bill, both being offered as potential solutions for addressing Philadelphia’s affordable and workforce housing needs.

NOVEL APPROACH

Drexel University’s Lindy Institute for Urban Innovation Senior Research Fellow Kevin Gillen told the Philadelphia Business Journal, “The impact fee being considered here is a truly unique hybrid. It is tied to the abatement rather than to inclusionary zoning. And it is the type of program that is traditionally used by low-cost, low-tax Sun Belt suburbs that have experienced decades of rapid population growth, but the bill’s sponsors want to apply it to a relatively high-cost, high-tax Northeastern city that until recently has experienced decades of depopulation.”

Impact on the Mixed-Income Housing Bill

If the new bill is passed, the Mixed-Income Housing Bill will become completely optional and will be amended to include numerous beneficial bonuses such as extra height (7 feet) and density (25 to 50 percent bonus) in RM-1, CMZ-1/2/2.5, amongst other potentially attractive zoning bonuses. These bonuses will continue to have a mixed-income housing requirement or payments in lieu of an additional 1 to 2 percent of construction costs depending on the amount of the
bonus.

EFFECTIVE DATE

As proposed, the effective date would be July 1, 2018, although some are already pushing for a later effective date of January 1, 2019. Duane Morris attorneys will continue to monitor and report on any development in this issue.

FOR MORE INFORMATION

If you have any questions about this Alert, please contact Brad A. Molotsky, any of the attorneys in the Real Estate Practice Group, attorneys in the Project Development/Infrastructure/P3 Practice Group or the attorney in the firm with whom you are regularly in contact.

Disclaimer: This Alert has been prepared and published for informational purposes only and is not offered, nor should be construed, as legal advice. For more information, please see the firm’s full disclaimer.

Here are five key decision factors to consider when searching for your business’s first or next office location.

1. Identify the Needs of Your Employees

Think about how many jobs you, your friends, colleagues and family members haven’t applied for due to office location? Completing a zip code analysis of employee homes is one key to identifying the right location that best suits a company and overall employee performance and moral.

Companies should consider properties that are accessible by public transportation with stops conveniently located nearby and also accessible by major highways. Adequate parking is also a concern for employees, too! Consider the surrounding area and local amenities. Are there places to eat, shop, bank, hotels (for clients, if needed), etc.

2. Become Familiar With the Traffic Patterns in the Area

Rush hour traffic is also a big concern for employees. Are there schools nearby that will cause congestion? Are employees required to be in right at 8-9AM? A highly-congested area may not be in your best interest. Be sure to ask the right questions and conduct your own analysis of the area to ensure the location will suit the needs of your business and commute.

3. Consider Your Customers

Just as we are thinking about your e

mployees, think about your clients. Do your clients visit on a regular basis? Do they have amenity needs? The last thing you want is to inconvenience them with your new location. See if the area is up and coming. Is there potential for the business to grow or is it over saturated by your competitors?

4. Understanding Your Space Plan Program and Interior Layout Needs

Efficiency is key. In today’s world of technology and collaboration, making sure your office design and layout is critical for productivity, moral and overall company performance. Have you discussed your interior plan with a space designer or architect?

5. Know Your Financial Bottom Line

Has your company set up a financial budget? Understanding your real estate annual expenses and budget is also one of the most important factors in your real estate planning. Are you up to date on current market conditions and pricing? Have you reviewed your operating expenses and looked for ways to improve your overall bottom line? Have you educated yourself on competing properties and comparable pricing?

It is vital to consider these points when analyzing a new location for your business.

Our team at WCRE is here to help with your next lease or purchase requirement and answer any market questions you may have.

Nationally ostracized Papa John’s has become such a commercial real estate pariah that it seems landlords wouldn’t mind losing the pizza chain as the company faces the prospect of closing 250 restaurants across the country.

Landlords across the U.S. commercial real estate market, including Philly retail space, are concerned the chain’s highly publicized missteps by its former chief executive, who received swift criticism after using a racial slur on a recent conference call, could dissuade shoppers and they may hope the chain shuts stores, an industry spokesperson said recently.

“There’s a need for that size of space in the market and there’s not that much of it,” the spokesperson explained. “They (landlords) may be able to get higher rents from other tenants.”

This report on U.S. and Philadelphia commercial properties from the CoStar Group research organization is being made through Philadelphia commercial real estate broker Wolf Commercial Real Estate, a Philadelphia commercial real estate brokerage firm.

Papa John’s, the country’s third-largest pizza chain in the national and Philadelphia commercial real estate markets, has suffered public blows the past year. Founder and former Chairman and Chief Executive John Schnatter — who still owns about 30 percent of the company — this summer used a racial slur to describe African Americans on a conference call. Last fall, he blamed NFL leadership for allowing players to kneel during the National Anthem and complained the controversy was hurting the chain’s sales. At the time, Papa John’s was an NFL sponsor. It has since been replaced by Pizza Hut.

In a recent earnings call, Papa John’s Chief Executive Steve Ritchie said the chain was struggling and may be forced to close some locations.

“We’re going to evaluate all the options as they’re presented to us, if there is some sort of increase in closures that exist here because of the declines in the sales,” he said.

A Papa John’s spokeswoman declined to comment.

If the chain does close stores in its holdings of national and Philadelphia commercial real estate properties, a new commercial real estate report offers clues as to which businesses might replace them. The report said non-retail and non-restaurant space in shopping centers increased to 23.1 percent this year from 19.2 percent in 2012. Forty-four percent of shoppers say they prefer to visit shopping centers that have a wide variety of non-retail tenants.

“The growing focus on experience has led to a rising share in non-retail tenants, including food and beverage, salons, movie theaters, fitness centers and medical clinics,” the report said.

Most Papa John’s stores among its various U.S. and Philadelphia commercial real estate listings are in shopping and strip centers, and industry observers believe two popular concepts — Mediterranean or taco restaurants — could backfill the space and drive traffic.

As experts in Philadelphia commercial real estate listings and services, the team at our Philadelphia commercial real estate brokerage firm provides ongoing detailed information about Philadelphia commercial properties to our clients and prospects to help them achieve their real estate goals. If you are looking for Philly office space, Philly retail space or Philly industrial space for sale or lease, Wolf Commercial Real Estate is the Philadelphia commercial real estate broker you need — a strategic partner who is fully invested in your long-term growth and success.

Please visit our websites for a full listing of South Jersey and Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Mall operators are taking a page from the playbook of their office counterparts and setting up retail incubators in some of the space left vacant by departed department and apparel store retailers.

Offering retail and technology startups a shared space to test their concepts in the U.S. commercial real estate market, including Philly retail space, before live shoppers, the new retail incubators also provide mall operators with an opportunity to find tenants with the potential for growth – and a diverse variety of new retailers giving shoppers a new reason to visit the mall.

This report on U.S. and Philadelphia commercial properties is being made through Philadelphia commercial real estate broker Wolf Commercial Real Estate, a Philadelphia commercial real estate brokerage firm focusing on Philly retail properties.

This November, several small, startup retail and e-commerce companies dealing in national and Philadelphia commercial real estate markets plan to occupy 11,000 square feet of vacant space in a retail incubation arena at New Jersey’s Cherry Hill Mall near anchor tenant Nordstrom.

Earlier this year, a 15,000-square-foot innovation center known as “Cowork at the Mall” opened in one of the many vacant national and Philadelphia commercial real estate properties, this one at a former Sports Authority store in Chicago’s Water Tower Place.

In addition, one of the nation’s largest mall operators is in the early stages of developing a retail incubation program for several of its properties among its U.S. and Philadelphia commercial real estate listings.

Beyond just space, incubators dealing in the U.S. commercial real estate market – including Philly retail space – are offering fledgling new retailers additional access to experienced operators, coaching, and networking opportunities to help them get their companies off the ground.

As experts in Philadelphia commercial real estate listings and services, the team at our Philadelphia commercial real estate brokerage firm provides ongoing detailed information about Philadelphia commercial properties to our clients and prospects to help them achieve their real estate goals. If you are looking for Philly office space, Philly retail space or Philly industrial space for sale or lease, Wolf Commercial Real Estate is the Philadelphia commercial real estate broker you need — a strategic partner who is fully invested in your long-term growth and success.

Please visit our websites for a full listing of South Jersey and Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Demand for mall and shopping center space by retailers fell to its lowest level in six years in the first quarter of 2018 as retailers continued to focus on their top-performing locations and shed marginal stores, with announced store closures totaling nearly 100 million square feet so far this year alone.

The balancing act was reflected in the first quarter 2018 retail vacancy rate for the U.S. commercial real estate market, including Philly retail space, which at 4.6 percent was unchanged from the fourth quarter of 2017 and just a tenth of a percentage point lower than a year ago.

Net absorption of U.S. retail space fell to 11 million square feet in national and Philadelphia commercial real estate markets, the lowest quarter for mall and shopping center demand since 2012, according to data presented in CoStar’s First-Quarter 2018 State of the U.S. Retail Market report.

This report on U.S. and Philadelphia commercial properties is being made through Philadelphia commercial real estate broker Wolf Commercial Real Estate, a Philadelphia commercial real estate brokerage firm focusing on Philly retail properties.

“As the national retail vacancy rate has begun to flatten, the pace of the recovery has slowed. In fact, we can call an end to the recovery,” said Ryan McCullough, senior managing consultant for CoStar Portfolio Strategy, who co-presented the report with Director of Research Suzanne Mulvee.

While retailer demand for store space has slowed among national and Philadelphia commercial real estate properties, it has not stopped, contrary to perceptions in the broader market fueled by headlines of closures and bankruptcies of big-box tenants like Kmart and Toys R Us.

Expansions by restaurants, grocery stores and other food-focused retail tenants, as well as health-care and other service providers and smaller local shopping center tenants dealing in U.S. and Philadelphia commercial real estate listings, continues to drive leasing and net demand growth for the retail sector, McCullough said.

The U.S. commercial real estate market – including Philly retail space – is performing differently in different parts of the country. In recovering housing markets and other high-growth Sunbelt metros, retail vacancy has continued to decline and post strong leasing momentum.

Meanwhile, demand has softened in core coastal markets among national and Philadelphia commercial real estate listings with high quality, new space becoming tougher to find, McCullough said.

“The most damaged markets are healing the fastest, with demand growth growing fastest in higher vacancy markets and markets with the healthiest fundamentals seeing the least expansion,” McCullough added.

As experts in Philadelphia commercial real estate listings and services, the team at our Philadelphia commercial real estate brokerage firm provides ongoing detailed information about Philadelphia commercial properties to our clients and prospects to help them achieve their real estate goals. If you are looking for Philly office space, Philly retail space or Philly industrial space for sale or lease, Wolf Commercial Real Estate is the Philadelphia commercial real estate broker you need — a strategic partner who is fully invested in your long-term growth and success.

Please visit our websites for a full listing of South Jersey and Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

This well-located retail space in Philly contains 3,234 square feet of retail space for sale in Philly in the conveniently located community of Montgomeryville.

The lease price for this retail space in Philly at 735 Bethlehem Pike Montgomeryville PA is negotiable. For information on the sale price for this retail space in Philly, please contact Wolf Commercial Real Estate, a Philly commercial real estate broker that specializes in Philly commercial real estate listings and services.

Situated at the five-point intersection of routes 202, 309, and 463, this Philly retail space for sale or lease at 735 Bethlehem Pike Montgomeryville PA is ideal for a variety of professional or retail uses. This retail space for sale in Philly is close by Wawa, Dunkin’ Donuts, Outback Steakhouse, Red Lobster, and Ruby Tuesday. This retail space in Philly also is a free-standing building.

This Philly retail space for lease or sale is available for immediate occupancy through Wolf Commercial Real Estate, a Philly commercial real estate brokerage firm that specializes in Philly commercial real estate listings and services.

There are strong demographics within the immediate area of this Philly retail space for sale or lease with the average annual household income within a five-mile radius of this Philly retail space for lease or sale at 735 Bethlehem Pike Montgomeryville PA being reported as $101,510. It is about an hour’s travel time from this Philly retail space for lease or sale in Montgomeryville PA to Center City Philadelphia. There also is monument signage available at this retail space for sale in Philly.

There are high daily traffic counts passing by this retail space for sale in Philly that is available through Wolf Commercial Real Estate, a Philly commercial real estate broker that specializes in Philly commercial real estate listings and services. The total population within a five-mile radius of this Philly retail space for lease or sale is nearly 144,000.

For more information about this Philly retail space for sale or lease at 735 Bethlehem Pike Montgomeryville PA or about any other Philly commercial properties for sale or lease, please contact Tony Banks (215-544-6040; tony.banks@wolfcre.com) or Jason Wolf (215-799-6900; jason.wolf@wolfcre.com) at Wolf Commercial Real Estate, a Philly commercial real estate brokerage firm.

Despite the bad news for the U.S. commercial real estate market – including Philly retail space – that Nine West is closing all 70 of its stores, the good news is that leasing demand for outlet store space has been outpacing availabilities.

This report on U.S. and Philadelphia commercial properties is being made through Philadelphia commercial real estate broker Wolf Commercial Real Estate, a Philadelphia commercial real estate brokerage firm focusing on Philly retail properties.

Privately held Nine West’s filing seeks to restructure about $1.6 billion in debt, much of it racked up in the national and Philadelphia commercial real estate markets when private equity firm Sycamore Partners Management acquired the company and affiliated brands in the 2014 for $2.2 billion.

While 80 percent of Nine West’s sales come from wholesale operations, it also operates 70 brick-and-mortar retail stores – all of which it has now closed and is asking the court to cancel the leases on those locations. Sixty-seven of those locations were in outlet centers included among national and Philadelphia commercial real estate properties.

The store closures hit two publicly traded retail landlords and their U.S. and Philadelphia commercial real estate listings the hardest. Simon Property Group will lose 35 stores. Simon owns and operates a portfolio of 91 centers through Simon Premium Outlets and Tanger Factory Outlet Centers will see 19 stores closed out of its portfolio of 44 upscale outlet shopping centers.

The stores typically ranged about 3,000 square feet in size on average, which means about 105,000 square feet of newly vacant space in the U.S. commercial real estate market – including Philly retail space – for Simon and 57,000 square feet for Tanger.

That is a bigger chunk of space comparatively for Tanger. During 2017, Tanger recaptured 201,000 square feet within its portfolio. The 2017 amount is nearly double the amount it took back a year earlier. Overall occupancy declined from 98 percent in 2016 to 97 percent last year.

As experts in Philadelphia commercial real estate listings and services, the team at our Philadelphia commercial real estate brokerage firm provides ongoing detailed information about Philadelphia commercial properties to our clients and prospects to help them achieve their real estate goals. If you are looking for Philly office space, Philly retail space or Philly industrial space for sale or lease, Wolf Commercial Real Estate is the Philadelphia commercial real estate broker you need — a strategic partner who is fully invested in your long-term growth and success.

Please visit our websites for a full listing of South Jersey and Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.